WorldCoin

Organization Name – WorldCoin

Category – Security & Identity

About

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Worldcoin is an ambitious project that aims to establish a global identity and financial network by leveraging biometric technology and blockchain. Co-founded in 2019 by Sam Altman, CEO of OpenAI, alo…ng with Alex Blania and Max Novendstern, the initiative is developed by Tools for Humanity, a company based in San Francisco and Berlin. The core idea behind Worldcoin is to create a system where individuals can prove their unique human identity online while maintaining privacy, thereby addressing challenges posed by artificial intelligence and digital impersonation.   

At the heart of Worldcoin’s system is the World ID, a privacy-preserving digital identity verified through an iris scan using a device called the Orb. The Orb captures a high-resolution image of a person’s iris to generate a unique identifier, ensuring that each individual can only obtain one World ID. Importantly, the original biometric data is not stored; instead, it is converted into an encrypted code, and the image is deleted, aligning with the project’s commitment to user privacy. This approach utilizes zero-knowledge proofs, allowing users to authenticate themselves without revealing personal information. 

To facilitate the use of World ID, Worldcoin has developed the World App, a digital wallet that enables users to manage their World ID and conduct financial transactions using the project’s native cryptocurrency, WLD. The app supports payments, purchases, and transfers globally, integrating both digital assets and traditional currencies. By combining identity verification with financial services, Worldcoin seeks to provide universal access to the digital economy, especially for individuals without formal identification or banking services.   

Worldcoin officially launched on July 24, 2023, after three years of development. Since then, the project has expanded its operations, deploying Orbs in over 35 cities across more than 20 countries. As of May 2025, over 12 million individuals have registered for World IDs, reflecting significant global interest. The project’s expansion has been supported by substantial funding, including a recent $135 million investment from venture capital firms such as Andreessen Horowitz and Bain Capital, aimed at scaling the network and enhancing infrastructure.    

Despite its innovative approach, Worldcoin has faced scrutiny and regulatory challenges. Concerns have been raised regarding the collection and handling of biometric data, with authorities in countries like Kenya, Spain, and Argentina investigating the project’s practices. Critics argue that the initiative may exploit vulnerable populations and question the adequacy of informed consent procedures. In response, Worldcoin emphasizes its privacy measures, including the deletion of biometric images post-verification and the use of encryption to protect user data. The project continues to engage with regulators to address these concerns and adapt its practices accordingly. 

Worldcoin’s vision extends beyond identity verification. The founders envision the project as a foundation for future applications, such as enabling global democratic processes and exploring the feasibility of an AI-funded universal basic income. By providing a secure and decentralized method of proving personhood, Worldcoin aims to empower individuals in the digital age and foster greater economic inclusion. The project’s open-source nature and commitment to privacy-preserving technologies position it as a significant player in the evolving landscape of digital identity and finance. Read More